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On 6 October 2020, as part of the 2020–21 Budget, the government announced that it will target support to businesses and encourage new investment, in part through a temporary full expensing incentive.
This measure is now law.
Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for:
If you are a small business, you will need to apply the simplified depreciation rules in order to claim the instant asset write-off. It cannot be used for assets that are excluded from those rules.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business's eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use.
For assets first used or installed ready for use between 12 March 2020 until 30 June 2021, and purchased by 31 December 2020, the instant asset write-off:
From 7.30pm AEDT on 6 October 2020 until 30 June 2022, temporary full expensing allows a deduction for:
Remember, registered tax agents can help you with your tax.
*For more information visit Instant asset write-off | Australian Taxation Office (ato.gov.au)
Please note: The information provided is of a general nature and does not take into account your personal needs and financial circumstances. Nothing constitutes or should be considered to constitute legal, taxation or financial advice. Before making a decision about any of the products or services featured, you should consult with your own independent legal, taxation and financial advisors, who can advise you about your personal circumstances.
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*Offer only available to metro area customers or customers within 50km of a TMHA Branch. Toyota Material Handling Australia (TMHA) has used its best endeavours to ensure brochure information is correct when published. All images are used for illustration purposes only. Prices include GST. Prices effective from 31 March 2021 until 30 June 2021. Offer available until 30 June 2021. TMHA reserves the right to change, without notice, at any time prices, materials and specifications. TMHA, to the extent permissible at law, is not liable to any person for loss or damage arising from reliance upon information contained in this offer. Distributed nationally by Toyota Material Handling Australia Pty Limited ABN 38 104 644 635, 8 Secombe Place Moorebank NSW 2170.